Big landlords help tenants
April 27, 2020
Some of the largest landlords in the country stepped up early to help their tenants because of the economic impact of COVID-19.
Canadian Apartment Properties Real Estate Investment Trust (CAPREIT), Canada’s major multi-family landlord with approximately 65,000 rental suites owned or managed across the country, took proactive measures to help its tenants.
On March 20—before most provinces enacted a rental rate freeze and banned evictions—CAPREIT deferred all rent increases “for the foreseeable future.”
The Toronto-based company is also offering tenants facing financial hardships due to COVID-19 a deferred rent program, and allowing these tenants to apply their damage deposit (one month’s payment) as a credit toward regular rent payments. The company has also urged its tenants in financial trouble to discuss payment options with their building managers.
Other major residential landlords including Centurion Asset Management, Northview Apartment REIT, MetCap Living, and Boardwalk REIT have pledged to work with tenants in distress.
Mainstreet Equities, one of Alberta’s biggest landlords, deferred all rent increases early and “until further notice” and is offering financially stressed tenants a flexible rent payment plan.